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New brooms to deliver better pension frameworks
The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main objectives that the government want to achieve, and they are set out below. However, the process of consultation and redrafting that will no doubt be...
Check your State Pension age
HMRC’s 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y. The online tool allows taxpayers to check the following: the earliest age they can start receiving the State Pension; their Pension Credit qualifying age; and when...
Tracing lost pension details
An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds. You can use this service to find contact details for: your own workplace or personal pension scheme; or someone else’s scheme if you...
Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax relief Higher rate...